Grocery delivery service Bigbasket has entered talks to acquire India-based counterpart MilkBasket, which counts consumer goods producer Unilever and computing technology provider Lenovo as investors, Times of India has reported.
Founded in 2015, MilkBasket operates an online platform that delivers groceries to consumers each day for no extra charge. The talks have reached an advanced stage but Bigbasket could acquire a majority stake at a valuation of less than $15m, a source told TOI.
The company has raised a total of $28m as of a $10.5m round in June 2019 led by Unilever subsidiary Unilever Ventures that included Mayfield India, Kalaari Capital and Blume Ventures.
Lenovo’s Capital and Incubator Group, BeeNext and angel investors Peter Zou and Li Jian are also among MilkBasket’s backers.
The talks are going on at the same time as Bigbasket is closing in on a majority stake in milk delivery service DailyNinja, which is backed by Sequoia and Matrix Partners, the sources said.
